#Saudi Maaden Said to Weigh Rights Issue of as Much as $5 Billion - Bloomberg

Saudi Maaden Said to Weigh Rights Issue of as Much as $5 Billion - Bloomberg:

Saudi Arabian Mining Co. is weighing a plan to raise as much as $5 billion through a rights offering to finance potential acquisitions, according to people with knowledge of the matter.

The company, also known as Maaden, is working with HSBC Holdings Plc’s Saudi Arabia unit on the possible offering that could happen later this year, some of the people said, asking not to be identified because the information is private. The size of the rights issue hasn’t been finalized and could end up being smaller than $5 billion, they said.

The Public Investment Fund, which owns a 65% stake in the mining firm, would also participate in the rights issue through a debt-for-equity swap and exchange its loans to Maaden subsidiaries into equity, the people said.